Gold Elliott Wave technical analysis [Video]

Gold Elliott Wave analysis

Long-term outlook

Gold maintains a bullish stance over the long term. After rebounding from the decline that started on April 22, the market now aims to surpass its previous high and potentially set a new record. In the short term, the retracement from June 5 appears to have reached its low and could begin to recover soon.

Gold daily chart analysis

From a structural perspective, Gold concluded the primary degree wave ((4)) of I of (III) in November 2022. Since then, the trend has consistently remained bullish, supported by minor pullbacks. Currently, it appears that wave ((5)) from the November 2022 low is still unfolding.

According to our analysis, the price is moving within wave (5) of ((5)) of I. Wave 1 of (5) concluded on April 21, 2025, followed by a corrective wave 2 of (5), which ended on May 14, 2025. Wave 3 of (5) began at this low and could stretch toward the 3878–4008 zone. This makes that range a key target for medium-term buyers accumulating during pullbacks.

Gold four-hour chart analysis

In the H4 timeframe, wave ((i)) and ((ii)) of 3 appear to have finished on May 23 and May 28, respectively. A 5-wave rally followed, completing wave (i) of ((iii)). The most recent drop is identified as wave (ii) of ((iii)), which may extend to the 3510–3547 zone.

Alternatively, the dip from June 5 may still evolve into another downward leg on lower timeframes, forming a complete 5-wave decline. If so, wave ((i)) completed on May 23, and the structure may be forming an irregular flat for wave ((ii)) from that point. In both scenarios, the broader trend remains upward.

Gold Elliott Wave technical analysis [Video]